Published: Monday, April 22, 2013 at 1:00 a.m.

Last Modified: Saturday, April 20, 2013 at 5:06 p.m.

Realtor Bill Weed sold 35 homes last year, more than half of them to Canadians.

"They are buying property all over the place," said Weed, who works out of Michael Saunders & Co.'s Lakewood Ranch office. "And most Canadians are paying in cash."

He has been averaging one sale a week so far in 2013, mining his 100-plus Realtor contacts in Canada for referrals.

Canadians are purchasing more Florida real estate than any other foreign buyers. A study prepared for the Consulate General of Canada, in Miami, found that Canadians purchased $2.1 billion worth of residential real estate in Florida in 2010, accounting for 8 percent of all home purchases and 36 percent of all foreign-buyer deals.

Jack Ablin, chief investment officer with BMO Private Bank, says more than 500,000 Canadians own property, including timeshares, in Florida.

Like cash-flush baby boomers -- Americans born between 1946 and 1964 -- Canadians are playing a big role in the resurgence of the real estate industry in Southwest Florida and throughout the state.

"When Canadians look at Florida, they are seeing bargains," Ablin said in an interview last week. "This is a tailwind that is only going to get stronger."

He says Canadians are enticed by more than just Florida's weather and beaches.

"The median-priced home in Florida is nearly half of a home in Canada," he said. "At the same time, the Canadian dollar is trading nearly 10 percent above 'fair' value versus the U.S. dollar, arming snowbird shoppers with extra buying power."

Reviews show that they are using that power to buy property in Southwest Florida more than in any other place in the state.

The Sarasota-Manatee area was the most popular among Canadian buyers in 2010, the most recent year measured, according to the Consulate General report.

Canadian purchases accounted for 18 percent of all home deals in the two counties, followed by Orlando-Kissimmee at 14 percent and Fort Myers-Cape Coral at 12 percent.

More than a few of those homeowners, not surprisingly, start out as visitors.

Canadians also account for the largest single source of foreign tourists to Florida. A record 3.6 million Canadians visited the state last year, up 300,000 over 2011.

And at least part of the Canadian influx here stems from their lack of the mortgage and housing crises that afflicted Americans and Europeans, the report noted.

"In 2010, 89 percent of Canadians paid for their Florida real estate purchases in all cash, compared to only 8 percent of all home purchases in the state," the report noted.

"One reason for this trend might be the low median price of homes purchased by Canadians, valuing $150,000 in 2010, which was lower than the average price paid by foreign buyers as a whole, $180,000.

"Canadian home buyers prefer condominiums and co-ops, which together account for 53 percent of their property purchases in Florida."

Nearly 60 percent of Canadians, more than any other foreign buyers, use their property as a vacation home. Only 18 percent said they would rent the home.

"Almost half of Canadian buyers reported planning to personally use the newly purchased property for three to six months each year. An additional 5 percent expected to use it more than six months," the report said.

Weed says some of his clients are repeat buyers. They may start with a condo for $120,000 and then move to a home costing $250,000 to $300,000.

"They'll come down for two to three months, and then get something bigger to stay for six months," he said.

Most Canadians limit their Florida stays to less than six months a year to avoid losing their provincial health care coverage.

He joked that some come here shopping with high expectations.

"They all want a three-bedroom, two-bath in a gated community on the 'ocean' for $100,000," he said.

Ablin, whose institution is owned by the Bank of Montreal, noted that home prices in some Florida markets are outpacing overall U.S. gains.

"The Florida market is showing remarkable resilience compared to the national average, which has gained 9 percent off the bottom," he said.

<p>Realtor Bill Weed sold 35 homes last year, more than half of them to Canadians.</p><p>"They are buying property all over the place," said Weed, who works out of Michael Saunders & Co.'s Lakewood Ranch office. "And most Canadians are paying in cash."</p><p>He has been averaging one sale a week so far in 2013, mining his 100-plus Realtor contacts in Canada for referrals.</p><p>Canadians are purchasing more Florida real estate than any other foreign buyers. A study prepared for the Consulate General of Canada, in Miami, found that Canadians purchased $2.1 billion worth of residential real estate in Florida in 2010, accounting for 8 percent of all home purchases and 36 percent of all foreign-buyer deals.</p><p>Jack Ablin, chief investment officer with BMO Private Bank, says more than 500,000 Canadians own property, including timeshares, in Florida.</p><p>Like cash-flush baby boomers -- Americans born between 1946 and 1964 -- Canadians are playing a big role in the resurgence of the real estate industry in Southwest Florida and throughout the state.</p><p>"When Canadians look at Florida, they are seeing bargains," Ablin said in an interview last week. "This is a tailwind that is only going to get stronger."</p><p>He says Canadians are enticed by more than just Florida's weather and beaches.</p><p>"The median-priced home in Florida is nearly half of a home in Canada," he said. "At the same time, the Canadian dollar is trading nearly 10 percent above 'fair' value versus the U.S. dollar, arming snowbird shoppers with extra buying power."</p><p>Reviews show that they are using that power to buy property in Southwest Florida more than in any other place in the state.</p><p>The Sarasota-Manatee area was the most popular among Canadian buyers in 2010, the most recent year measured, according to the Consulate General report.</p><p>Canadian purchases accounted for 18 percent of all home deals in the two counties, followed by Orlando-Kissimmee at 14 percent and Fort Myers-Cape Coral at 12 percent.</p><p>More than a few of those homeowners, not surprisingly, start out as visitors.</p><p>Canadians also account for the largest single source of foreign tourists to Florida. A record 3.6 million Canadians visited the state last year, up 300,000 over 2011.</p><p>And at least part of the Canadian influx here stems from their lack of the mortgage and housing crises that afflicted Americans and Europeans, the report noted.</p><p>"In 2010, 89 percent of Canadians paid for their Florida real estate purchases in all cash, compared to only 8 percent of all home purchases in the state," the report noted.</p><p>"One reason for this trend might be the low median price of homes purchased by Canadians, valuing $150,000 in 2010, which was lower than the average price paid by foreign buyers as a whole, $180,000.</p><p>"Canadian home buyers prefer condominiums and co-ops, which together account for 53 percent of their property purchases in Florida."</p><p>Nearly 60 percent of Canadians, more than any other foreign buyers, use their property as a vacation home. Only 18 percent said they would rent the home.</p><p>"Almost half of Canadian buyers reported planning to personally use the newly purchased property for three to six months each year. An additional 5 percent expected to use it more than six months," the report said.</p><p>Weed says some of his clients are repeat buyers. They may start with a condo for $120,000 and then move to a home costing $250,000 to $300,000.</p><p>"They'll come down for two to three months, and then get something bigger to stay for six months," he said.</p><p>Most Canadians limit their Florida stays to less than six months a year to avoid losing their provincial health care coverage.</p><p>He joked that some come here shopping with high expectations.</p><p>"They all want a three-bedroom, two-bath in a gated community on the 'ocean' for $100,000," he said.</p><p>Ablin, whose institution is owned by the Bank of Montreal, noted that home prices in some Florida markets are outpacing overall U.S. gains.</p><p>"The Florida market is showing remarkable resilience compared to the national average, which has gained 9 percent off the bottom," he said.</p>